Compared with home insurance, auto insurance is much more complex. Although provincial and territorial government regulations for home insurance allow for considerable variation from company to company, the product itself is generally similar everywhere in Canada. Not so with auto insurance, however. Within each province and territory, little variation is permitted. Between jurisdictions, however, there can be great differences.
Many insurers compete in the home and automobile insurance marketplace. While home insurers compete on coverage, service and price, automobile insurers, on the other hand, compete mainly on service and price alone. Because it’s compulsory, automobile insurance is highly regulated.